Credit cards for retired people

In our guide to credit cards for retirees, thimbl explores whether there’s an upper age limit when applying for a credit card, which credit cards are the best for retirees; and how you could be eligible for a credit card for retired people.

Could I get a credit card if I’m retired?

Some credit card providers, including thimbl, could be willing to consider your application if you’re retired.

The most important factor for both you and the provider is that you have enough income to repay any money you borrow.

You should be able to make at least the minimum repayment amount on your credit card, as well as cover the cost of your essential monthly outgoings, such as housing, bills, and groceries.

Some credit card providers have a minimum income requirement; this could include wages from a part-time job or pension payments.

Is there an age limit on getting a credit card?

While there’s no specific limit on the upper age that you could get a credit card in the UK, it’s possible that some credit card providers could have a limit in place.

You can check your eligibility for a thimbl credit card up to the age of 70.

What is the best credit card for retirees?

The best credit card for retired people will vary between individuals. A credit card that’s a suitable match for one person might not be the best fit for someone else.

When exploring different credit cards for retirees, you should focus on products and deals that suit your personal requirements - whether that’s the possible credit limit, rewards, or the opportunity to rebuild your credit score.

Bad credit credit cards for retired people

If you have a bad credit history, a credit builder credit card, such as thimbl, could be an option for you to consider.

Can you tell me more about the thimbl Credit Builder Credit Card?

The thimbl Credit Builder Credit Card has been designed for people with bad or limited credit history who are hoping to build their credit score.^*

When used alongside other credit-building methods, such as paying your bills on time, the thimbl Credit Builder Credit Card could help you work towards a healthier credit position.

Could I get a thimbl credit card if I’m retired?

You could be considered for a thimbl credit card as a retired person – you’ll just need to make sure that you meet our eligibility criteria.

You can check your eligibility for a thimbl credit card if you:

• Are between the ages of 18 and 70;
• Are a UK resident with at least 1 year's UK address history;
• Have a monthly net income of at least £800;
• Have an active credit account that has been open for a minimum of 12 months; and
• Do not already hold a Zable credit card.

Lendable Ltd is unable to consider applications from anybody who has declared bankruptcy or is in an Individual Voluntary Arrangement (IVA).

How should I use my thimbl Credit Builder Credit Card as a retired person?

Using your thimbl credit card as a retired person is straightforward.

1. Use your thimbl credit card to make a necessary and affordable purchase.
2. Make at least the minimum repayment amount on time each month. If you’re able to, you should try to make more than the minimum repayment amount. It’s worth noting that if you clear your balance in full and on time every month, you won’t be charged interest.
3. Your repayment activity will be reported to the credit reference agencies (CRAs). If you’ve demonstrated other positive credit habits, such as paying any other bills and credit commitments on time, you could see an improvement in your credit score.

What’s the credit limit on a thimbl credit card?

With the thimbl Credit Builder Credit Card, you could be offered a starting credit limit between £200 and £2,000, depending on your credit history and current financial situation.

If you’re hoping to improve your credit score, you should try to keep your credit card utilisation below 30%. Your credit card utilisation is the percentage of money you’re using of your overall credit limit. For example, if you have a credit limit of £200 and you’ve spent £30, your credit card utilisation would be 15%.

Things to think about before applying for a credit card as a retired person

Before you think about searching for credit cards for retired people, the most important thing to consider is whether you can afford to repay any money that you borrow.

A credit card should never be viewed as an incentive to spend money that you don’t need to, or that you can’t afford to repay.

How likely am I to be accepted for a credit card if I’m retired?

Your chances of being accepted for a credit card if you’re retired will depend on the provider. You’ll need to ensure that you meet their eligibility requirements before you make an application.

Some providers offer an eligibility check, which shows you your chance of approval before you apply.

You can check your eligibility for the thimbl Credit Builder Credit Card for free, with no impact to your credit score.**

If you’re struggling to make your credit card repayments, you should speak to your provider as soon as you can.

Defaulting on your repayments could cause your credit score to decline, and you may be charged a late or missed repayment fee by your provider.

If your provider is aware of your situation, they can work with you and help you through this tricky period.

Need some further support? Free, confidential advice can be accessed from StepChange, MoneyHelper, Citizens Advice, and National Debtline.

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*Please note that to be considered for a thimbl Credit Builder Credit Card, you’ll need to have at least one active credit account that’s been open for a minimum of 12 months.

** The thimbl Credit Builder Credit Card is powered by Zable. Zable is a trading style of Lendable Ltd. If you choose to make a full application, a creditworthiness assessment will be carried out by Zable. This will consist of a hard search and a further check powered by Open Banking. A hard search will remain on your credit file for up to 12 months, and multiple hard searches within a short period of time could have a negative impact on your credit score. Any credit obtained upon successful application will be provided by Lendable Ltd. Please note that pre-approval does not guarantee acceptance.